Archive for the ‘cancel a contract’ Category

Masters of Our Fate (video)

Tuesday, December 7th, 2010

We are masters of our own fate and captains of our own soul because we have the power to control our thoughts.

Bob Morgan was a stuntman on the film How the West Was Won. He was run over by a train during the filming but made a miraculous recovery with the help of a strong positive mental attitude.

Control Your Thoughts and Reach Your Dreams

Trouble with Bad Tenants? Use a month-to-month contract

Friday, October 16th, 2009


One of the best ways that I have found to protect yourself from bad tenants, and we all know that a few will always slip though our “infallible” screening process, is to use the month-to-month contract.

If you have a tenant that you need to get rid of, for whatever reason (and I can think of a lot of them, such as painting a picture of a human face on the side of an outside wall, but that’s a story for another whole post), take the easy road.

If they have signed a month-to-month contract, you just need to send them a form saying that you are canceling the contract and they must be out by end of the next month. You have to give them a full 30 days to move, maybe more if they pay on the first and you are in mid-month when you notify them. In that case you would give them 45 days to move, at the end of the following month.

But, no matter how you slice it, it sure beats going through an eviction process, particularly if they are inclined to fight it. And, why wouldn’t they fight it since they at this point they have probably developed aggravating us into a science.

So, if there is any doubt in you mind about whether your tenant will go to the tenant dark side at some point, play it safe and have them sign the month-to-month lease.

New Product Announcement

I am in the process of developing a audio Course entitled “Fixer Upper and Rental Business Starter Kit.”

The course will include 3 audio recordings, electronic copies of forms, a Workbook, and a copy of my book Fix em Up Rent em Out.

I will be providing extensive information to guide you through the process of starting your own business. I will show you the quickest way to reach your goals, and protect you from the pitfalls.

Want to claim a sense of security when the walls of financial security seem to be crumbling all around?

Then this course may be for you!

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Time is a great teacher, but unfortunately it kills all of it’s pupils

Monday, July 21st, 2008

There are always great lessons to be learned in the fixer upper house business.

In this case I learned another lesson when the recent townhouse purchase fell through.

Everything started off pretty well. The closing for the townhouse purchase was Friday afternoon. I signed for both my wife and I since she was out of town. It was the fastest closing I had ever done. We were finished in 20 minutes.

The real estate agent gave me the keys and my boys and I went over to see the townhouse and plan out exactly we would start fixing it up the next day. This is when things took a turn for the worse.

When I opened the door I was hit in the face with a suffocating musty smell. As we walked in we heard a splashing sound and could feel our feet getting wet. We looked down to see that there was a lake inside the townhouse and the air was as humid as a greenhouse. I looked in the washroom and saw that the flood was caused by water spraying out of the hot water heater. I tried to turn off the valve but it was broken, so I went outside and turned off the water at the main valve.

After opening all doors and windows, we walked through both rooms and both bathrooms. They were all flooded, and, they all had mold on the walls and ceilings.

My first reaction was “we can still make this work!”. I thought we could mop up the water and wipe the mold off the walls without too much trouble. So we drove over to ACE Hardware and bought a wet shop vacuum, buckets, mops and paper towels.

When we got back to the townhouse and started cleaning up it soon dawned on us that we were not making a dent in the standing water and the mold wouldn’t come off as easily as we thought.

So, I called the realtor and told her the situation. She immediately came over to see the house and and agreed with me that we should cancel the contract. She contacted the title company and the loan company. Today, Monday, I got my money back from the title company, all but $350 that went towards the appraisal.

It was a good thing I checked the place out right after the signing, and that it was late in the afternoon. If they had recorded the title before I saw the flooded property, it would have been a different story.

I could have waited for the owner to remedy the problem, but with that much flooding there might be hidden damage that isn’t easily detected, and I didn’t want to wind up waiting and re-negotiating the terms.

What lesson did I learn? In the future, I will always walk through the property one last time before signing the closing papers.

It was a good lesson to learn, and I was reminded of Hector Berlioz’s humorous quote that I put in the title to this article.

It would have been a nice rental property, but my philosophy is that rental properties are like taxi cabs. If you miss one, there’s another one coming right behind it.

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